This bill establishes a property tax rebate program in New Jersey specifically for disabled veterans who have been honorably discharged from the Armed Forces and possess a service-connected disability recognized by the U.S. Department of Veterans Affairs. The rebate amount is determined based on the percentage of the veteran's disability rating, with a maximum limit of $5,000. For veterans living in rental properties or mobile homes, 18% of the rent or site fee paid during the tax year will be considered as property taxes paid. However, veterans with a gross income exceeding $200,000 are ineligible for this rebate.

The legislation outlines the application process, requiring annual submissions and documentation of property taxes or rent paid. The director of the Division of Taxation is tasked with determining eligibility and rebate amounts, as well as the authority to withhold rebates for property tax delinquencies. Additionally, the bill stipulates that funding for the rebate program is contingent upon annual appropriations by the Legislature, ensuring ongoing financial support. Overall, this initiative aims to alleviate the property tax burden on disabled veterans, acknowledging their service and sacrifices.